Bill Text: NY S05282 | 2013-2014 | General Assembly | Introduced
Bill Title: Removes the requirement that less than 15 years of credited service is necessary for the return of member contributions to correction officers of the city of New York in the twenty-year improved benefit retirement program; allows such correction officers who participate in the 20 year improved benefit plan to withdraw their contributions when they cease being correction officers regardless of length of service.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2014-01-08 - REFERRED TO CIVIL SERVICE AND PENSIONS [S05282 Detail]
Download: New_York-2013-S05282-Introduced.html
S T A T E O F N E W Y O R K
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5282
2013-2014 Regular Sessions
I N S E N A T E
May 15, 2013
___________
Introduced by Sen. GOLDEN -- read twice and ordered printed, and when
printed to be committed to the Committee on Civil Service and Pensions
AN ACT to amend the retirement and social security law, in relation to
the return of member contributions
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
1 Section 1. Subparagraph (ii) of paragraph 7 of subdivision d of
2 section 445-a of the retirement and social security law, as amended by
3 chapter 631 of the laws of 1993, is amended to read as follows:
4 (ii) Except as otherwise provided in subparagraph (iii) of this para-
5 graph, should a participant in the twenty-year improved benefit retire-
6 ment program[, who has rendered less than fifteen years of credited
7 service] cease to hold the position of New York city correction officer
8 below the rank of captain for any reason whatsoever OTHER THAN SERVICE
9 RETIREMENT OR RESIGNATION WITH A VESTED RIGHT TO A BENEFIT, his or her
10 accumulated additional member contributions made pursuant to this subdi-
11 vision (together with any interest thereon paid to the retirement
12 system) may be withdrawn by him or her pursuant to procedures promulgat-
13 ed in regulations of the board of trustees of the retirement system,
14 together with interest thereon equal to eight and one-quarter percent
15 per annum, compounded annually.
16 S 2. Paragraph 6 of subdivision d of section 445-c of the retirement
17 and social security law, as added by chapter 631 of the laws of 1993, is
18 amended to read as follows:
19 6. Where a person [who] became or becomes a participant in the twen-
20 ty-year improved benefit retirement program for captains and above [has
21 rendered less than fifteen years of credited service as of the date he
22 or she became or becomes a New York city correction member of the rank
23 of captain or above], the amount of the contribution deficiency charged
24 to such a participant pursuant to paragraph five of this subdivision,
25 consisting of retroactive additional member contributions plus interest
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD09247-01-3
S. 5282 2
1 on such amounts, shall be reduced by an amount equal to the additional
2 member contributions which such participant made pursuant to paragraph
3 one of subdivision d of section four hundred forty-five-a of this arti-
4 cle as a participant in the twenty-year improved benefit retirement
5 program for correction officers below the rank of captain (together with
6 any interest thereon) which are on deposit in the contingent reserve
7 fund of the retirement system on the date such person became or becomes
8 a participant in the twenty-year improved benefit retirement program for
9 captains and above.
10 S 3. Clause (A) of subparagraph (ii) of paragraph 11 of subdivision d
11 of section 445-c of the retirement and social security law, as added by
12 chapter 631 of the laws of 1993, is amended to read as follows:
13 (A) Should a participant in the twenty-year improved benefit retire-
14 ment program for captains and above [who has rendered less than fifteen
15 years of credited service] cease to hold the position of New York city
16 correction officer of the rank of captain or above for any reason what-
17 soever, OTHER THAN SERVICE RETIREMENT OR RESIGNATION WITH A VESTED RIGHT
18 TO A BENEFIT, his or her accumulated additional member contributions
19 made pursuant to this subdivision (together with any interest thereon
20 paid to the retirement system) may be withdrawn by him or her pursuant
21 to procedures promulgated in regulations of the board of trustees of the
22 retirement system, together with interest thereon at the rate of eight
23 and one-quarter percent per annum, compounded annually.
24 S 4. Clause (A) of subparagraph (ii) of paragraph 8 of subdivision e
25 of section 504-a of the retirement and social security law, as amended
26 by chapter 622 of the laws of 2004, is amended to read as follows:
27 (A) Except as otherwise provided in subparagraph (iii) of this para-
28 graph, should a participant in the twenty-year retirement program who
29 has rendered less than fifteen years of credited service cease to hold
30 the position of New York city correction officer below the rank of
31 captain for any reason whatsoever OTHER THAN SERVICE RETIREMENT OR
32 RESIGNATION WITH A VESTED RIGHT TO A BENEFIT UNDER THIS SECTION, his or
33 her accumulated additional member contributions made pursuant to this
34 subdivision (together with any interest thereon paid to the retirement
35 system) may be withdrawn by him or her pursuant to procedures promulgat-
36 ed in regulations of the board of trustees of the retirement system,
37 together with interest thereon at the rate of five percent per annum,
38 compounded annually.
39 S 5. Paragraph 6 of subdivision e of section 504-b of the retirement
40 and social security law, as amended by chapter 622 of the laws of 2004,
41 is amended to read as follows:
42 6. Where a person [who] became or becomes a participant in the twen-
43 ty-year retirement program for captains and above [has rendered less
44 than fifteen years of credited service as of the date he or she became
45 or becomes a New York city correction member of the rank of captain or
46 above], the amount of the contribution deficiency charged to such a
47 participant pursuant to paragraph five of this subdivision, consisting
48 of retroactive additional member contributions plus interest on such
49 amounts, shall be reduced by an amount equal to the additional member
50 contributions which such participant made pursuant to paragraph one of
51 subdivision e of section five hundred four-a of this article as a
52 participant in the twenty-year retirement program for correction offi-
53 cers below the rank of captain (together with any interest thereon)
54 which are on deposit in the contingent reserve fund of the retirement
55 system on the date such person became or becomes a participant in the
56 twenty-year retirement program for captains and above, provided, howev-
S. 5282 3
1 er, that for persons who elect to become a participant in the twenty-
2 year retirement program for captains and above pursuant to subparagraph
3 (ii) of paragraph one of subdivision b of this section or subparagraph
4 (ii) of paragraph two of subdivision b of this section, such reduction
5 pursuant to this paragraph in the amount of such contribution deficiency
6 shall be by the amount of such additional member contributions made
7 pursuant to subdivision e of section five hundred four-a OF THIS ARTICLE
8 (together with any interest thereon) which are on deposit in such
9 contingent reserve fund at the time such member files such election to
10 become such a participant, and such participant shall not thereafter be
11 permitted to withdraw any portion of such additional member contrib-
12 utions made pursuant to subdivision e of section five hundred four-a OF
13 THIS ARTICLE at any time while he or she is a participant in the twen-
14 ty-year retirement program for captains and above, and provided further
15 that the provisions of this paragraph shall apply to any person who is a
16 participant in the twenty-year retirement program for captains and above
17 on or after the revised contribution date, even where such person has
18 rendered fifteen or more years of credited service as of the date he or
19 she became a New York city correction member of the rank of captain or
20 above.
21 S 6. Clause (A) of subparagraph (ii) of paragraph 12 of subdivision e
22 of section 504-b of the retirement and social security law, as added by
23 chapter 631 of the laws of 1993, is amended to read as follows:
24 (A) Should a participant in the twenty-year retirement program for
25 captains and above [who has rendered less than fifteen years of credited
26 service] cease to hold the position of New York city correction officer
27 of the rank of captain or above for any reason whatsoever OTHER THAN
28 SERVICE RETIREMENT OR RESIGNATION WITH A VESTED RIGHT TO A BENEFIT UNDER
29 THIS SECTION, his or her accumulated additional member contributions
30 made pursuant to this subdivision (together with any interest thereon
31 paid to the retirement system) may be withdrawn by him or her pursuant
32 to procedures promulgated in regulations of the head of the retirement
33 system, together with interest thereon at the rate of five percent per
34 annum, compounded annually.
35 S 7. This act shall take effect immediately.
